I have received 1.5 crores as my retirement corups after deducting tax now I want to give RS 1 crore to my wife.
I have to make giftdeed for this amount in her name or I can directly issued a cheque in her name and deposit to her account.
From this amount she wants to give gifts of RS 45 LACS to her sister and brother she can give this amount and this amount is taxable in the hand of her sister and brother
sir, please guide me
1. Better to make Gift deed with cheque transfer....... along with gift acceptance by receiver.
2. Any income received from the gifted amount to your wife will be clubbed in your hands.
3. Gift received by brother & sister (of your wife) will be tax-free in their hands u/s. 56(2)(vii) of I T act.
4. You may think of directly gifting such amount to your in-laws, that will also be non-taxable.
CAclubindia
